Commenting on the effects that the digital bank licenses would have on the finance industry, SMU Assistant Professor of Finance Hu Jianfeng said that increased competition amongst banks would allow more people to have the opportunity to enjoy financial services. Asst Prof Hu added that competition would not only result in lower costs, but also prompt banks to review their current business models, and also actively promote product innovation and service improvement. SMU Assistant Professor of Finance Liang Hao opined that local banks and the finance sector would gain a greater competitive edge internationally should digital banking efforts be accelerated. He noted that Singapore still faces several obstacles when it comes to the adoption of fintech, as opposed to China.